Tag Archives: college costs

college costs, college guidance, college planning, financial aid, parenting

It’s FAFSA time!


Here’s a great post from the College Board in honor of Financial Aid Awareness month for parents, reminding all of us of the importance of the FAFSA and how to get ready for submission.

It’s time.

fafsa-on-the-web

The Free Application for Federal Student Aid (FAFSA) is how millions of students apply for federal, state and most college-based financial aid. And because government grants compose 74 percent of this $185 billion pool, it’s understandable for families to feel anxious when filling out the FAFSA.

It doesn’t have to be that way. Susan McCrackin, Senior Director Financial Aid Methodology at the College Board, offers this eight-step map to help parents and students work through the FAFSA as efficiently and effectively as possible.

1. Gather Your Documents 

It is much easier to fill out the FAFSA if you have all the needed forms in hand before you start. Here’s a list of documents to get you going. You should also get a U.S. Department of Education personal identification number (PIN.) Here’s the PIN application link.

2. Think About Taxes

Parents’ taxes are an important part in the FAFSA process. Getting taxes done by February 1st may be unrealistic, so last year’s taxes and this year’s paystubs can help create estimates. After February 3rd, the IRS Data Retrieval Tool becomes available, allowing students and parents to access the IRS tax return information needed to complete the FAFSA and transfer the data directly into their FAFSA from the IRS website. And if you owe the government money, take note: you can complete your taxes without actually filing and cutting a check to Uncle Sam.

3. Find Quiet Time  

The FAFSA has a lot of sections. Breaking them into smaller pieces makes the FAFSA easier to navigate. Consider these do’s and don’ts.

  1. Don’t sprint. Take questions one at a time and give yourself time to properly answer each question.
  2. Do read each question carefully and out loud. It will help you understand the question better.
  3. Don’t multi-task. Put your mobile phone away, and turn off the television.
  4. Do find a quiet place where the FAFSA will have your full attention.

4. Stay Student Focused

Parents often forget that the student always provides information. Parents are required to provide their information if the student is dependent.

So when parents see a question that refers to “I,” remember that “I” is the student. “You” is also the student. When questions address parents, you will see questions that refer to “your parents.”  This is where parental information goes.

5. Avoid Parent Traps

As families evolve, so do questions about who needs to provide information for the FAFSA. When you see “parents,” FAFSA is referring to the student’s biological or adoptive parents. When the parents are married, then the student and both parents complete the FAFSA.

If the parents are not together, things can get confusing.  BigFuture by the College Board created a corresponding infographic to help address some commonly asked questions. That infographic will appear on this site tomorrow.

6. Keep Track of Deadlines

Every college has a different set of deadlines based on priority, merit, early decisions etc. BigFuture by the College Board helps families sort through these deadlines with detailed college profiles and a free, customized action plan. And, should you have specific questions about specific colleges or universities, don’t be afraid to call the college’s financial aid office and ask questions.

7. Profile CSS/Financial Aid PROFILE® 

The FAFSA opens the doors to federal aid. There’s also almost $50 billion in non-federal aid available – from colleges, states and private institutions. Some colleges and programs use the College Board’s CSS/Financial Aid PROFILE to help award these monies.

CSS/Financial Aid PROFILE is an online application that collects information used by almost 400 colleges and scholarship programs to award financial aid outside sources from the federal government. Families must complete the application and the College Board sends it to the colleges and scholarship programs they have chosen.

Here’s a list of colleges that use CSS/Financial Aid PROFILE® and where you go to complete the  CSS/Financial Aid PROFILE®.  Sending your CSS/Financial Aid PROFILE® report to one college or scholarship program costs $25. Additional reports are $16 each. There are fee waivers available for low-income families.

8. Gain Experience

The more you experience something, the better you do. This free FAFSA webinar walks you section by section through an actual application with the College Board’s Senior Director for Financial Aid Methodology, Susan McCrackin. Families can access the free FAFSA webinar 24/7.

It’s time. Go after your piece of the more than $185 billion in financial aid to help make college possible. Use BigFuture for advice and to help create a customized plan for your child. Then follow the map. Chances are it will lead to an investment that provides returns for the rest of your child’s life.

college planning, financial aid, Guest Posts, parenting

How Students Can Graduate from College Debt Free

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Here’s some advice from Ellie Kay, America’s family financial expert, geared specifically toward parents about how to help their students graduate from college debt-free. As we all know, student debt is a major problem for recent graduates across the country. Currently the total student loan debt in America exceeds 1 trillion dollars! It can be difficult to graduate debt free, but if you have the right advice and common sense it can be done!

Hearing from a financial expert is great, but hearing from a parent who has been able to apply wise financial advice and help her kids graduate debt-free is even better!

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scholarships

Tweet your way to College!

All that practice of stuffing a coherent message using 140 characters or less finally paid off—at $142 per character to be exact.

Louisville-based KFC announced a few weeks ago that it was offering a scholarship for the person who could state why they were deserving of the Colonel’s Scholars scholarship in just a single tweet—this includes explaining how the applicant plans to enrich their communities and how they exemplify Colonel Sanders’ commitment to education.

Kentucky Fried Chicken Foundation oversees the KFC Colonel’s Scholars program. While the foundation awards more than 75 college scholarships each year, this scholarship is the first to be awarded based on a single tweet.

In order to be considered all applicants had to follow KFC on Twitter (@KFC_Colonel) and then submit their tweet using the hashtag #KFCScholar.

All tweets were judged on creativity and quality. Only one entry per twitter account was accepted.

Some real example tweets from contestants included the following:

“#KFCscholar. College is expensive. W/o help, I can’t afford more chicken! I want to make it big, rockin’ my dreams @ U of Kentucky! Help me! ”

“My mind is constantly creating things my body and knowledge aren’t capable of. I want to have the power to create and discover. #kfcscholar”

“Im just 1 in a Million, bt can i be that 1 chicken leg in that bucket, plz #KFCScholar, Student loans r gona eat me, LiKE i eat ur chicken”

“#KFCScholar. We’re molded throughout elementary and secondary schooling. College is where we learn to become exceptional & educated citizens”

On December 1st, KFC announced the winner! A California high school senior turned a single tweet into a college scholarship.

The Twitter entry from 17-year-old Amanda Russell was selected from more than 2,800 tweets that competed for the scholarship offered by a foundation for the Louisville-based KFC restaurant chain.

Russell reached the 140 character limit for the contest, so she’ll get $142 per character to pursue her college dreams.

The winning tweet refers to the chain’s late founder Colonel Harland Sanders and says:

“Hey Colonel! Your scholarship’s the secret ingredient missing from my recipe for success! Got the grades, drive, just need cash!”

Russell has compiled a 3.9 grade point average at her Long Beach high school. She says she plans to major in biology and pursue a career as a doctor or medical researcher.

Look for these scholarship gems and you too could net some cold, hard college cash!

*****

This guest post is contributed by Kate Willson, who writes on the topics of best online colleges.  She welcomes your comments at her email: katewillson2@gmail.com.

college costs, college planning, parenting, Uncategorized

That all-important "money talk"

money talk
Image by StockSnap from Pixabay

It’s never too early to talk to your teens about college costs and what is expected of them once they take that much anticipated journey. If they understand the family’s financial situation and know what they will be expected to contribute towards college costs, they can start planning ahead by working dur thing the summers and saving (Note: just make sure they put those savin

According to a recent article in the Sacramento Bee about talking with your kids about college costs, kids are acutely aware of their need to contribute :

Despite the continuing cloudy economic forecast, one thing is crystal-clear: College costs continue to climb. And it’s made many students acutely aware. In a recent Fidelity Investments online survey of U.S. high school seniors, a majority said saving for education was “overwhelming.” Good news for parents: 94 percent of students were willing to pay for at least some of their college costs; 56 percent of those said their share should be half.
When having the conversation, however, make sure it’s just that–not a lecture. Approach it as a collaborative discussion and use this as a start to helping your teen understand the importance of budgeting and “needs vs wants”.  Here are just a few bullet points highlighted in the above mentioned article:
  • Start off by making sure your teen knows what a “need” is and what a “want” is in relation to college costs. For some teens, all wants are needs. This is the time to nail the definition down and clarify it in their minds.
  • Decide just who will be paying for each college expense. Every family is different but it’s important to make this clear from the very beginning so that there won’t be any surprises.
  • Use a budget worksheet and understand ALL college expenses. Don’t just assume that tuition, room and board will cover it.

When your teens contribute to the costs of their education, they will be more invested in their success. They will also learn valuable budgeting lessons that will stick with them past college and into adulthood. You’re doing your teen a disservice if you don’t involve them in the college financial discussions. They need to be active participants in the decisions and also play an active part in paying for that high-cost college education.

Many of the college debt disasters in the news recently might have been avoided if the parents had sat down with their teens and had the “money talk”. Don’t let your teen walk across that stage at graduation and be clueless as to how to budget and be a financially responsible adult. It’s your job as a parent college coach to prepare them for a financially stable future.

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college costs, college planning, financial aid, scholarships

Paying for College? Your Financial Options

paying-for-collegeCollege isn’t cheap.  My College Guide has been saying that for years – 20 years to be exact!  But don’t let a tiny matter like cost take your college bound hopeful off the college track!  You should know that, when it comes to paying for college: you’ve got options.

Federal Loans – The Free Application for Federal Student Aid, or FAFSA, could send free college aid your family’s way!  No matter what your financial situation may be, you and your teen should fill out the form, online or mail-in.  Circumstances change – and colleges often require a completed FAFSA in order to consider your son or daughter for college-specific loans and scholarships!

Work — Study Programs — Sometimes nicknamed “self help aid” work-study programs are often provided by the college your teen actually wants to attend.  There is a Federal Work-Study Program and state programs as well.  It’s one way that your teen can help pay their way through college – and gain a little life experience in the process.

Grants and Scholarships — Simply applying to college will make your child eligible for some scholarships sponsored through the school. Of course, many scholarships are merit based. But, even if your college bound teen isn’t at the top of their class and the last sport your child played was tennis on the Wii – with the right scholarship or grant, lack of athletic or academic achievement may not matter.  There are scholarships and grants out there to fit every student: no kidding.  Your son or daughter can find free money to match their ethnicity, intended college major, religion, SAT scores, hobbies, and then some.  Many colleges have their own specific scholarships and/or grants that cover a range of abilities and majors.  To get started, have your teen sit down with their high school guidance counselor or surf the web for free money that fits!

Student Loans – There are various loan options: state, federal, and even loans from your child’s choice college.  Loans do need to be paid back and there will be interest tacked on but repayments are very often deferred — at least until your child completes their college career.  It’s good to know that when all else fails – there is still an option!

My College Guide has provided free college info with a 100+ page annual magazine for high achieving high school sophomores for over twenty years.  We are rapidly expanding online – find us on Facebook and Twitter and say “hello!“

college costs, college planning, financial aid, scholarships

Scholarships: Military dependents

 

militaryAre you or your spouse in the military? Do you have a family member that was a veteran of a foreign war? If so, there are scholarships available in these specific categories.

State Provided Education Benefits

Educational benefits for families, particularly the children of deceased, MIA, POW, and disabled veterans, may be available in some states. Military.com has developed an on-line general summary of educational benefits for veterans, surviving spouses and their dependents.

Click here to learn more about State Education Benefits.

Private Scholarships and Grants

While looking for money for school many surviving spouses and their families overlook the over $300 million of military – and veteran – related scholarships and grants. These scholarships often go unclaimed.

Visit Military.com’s Scholarship Finder today and get started.

Local Scholarships

Also, don’t neglect to search in your military community. Many service aid organizations and associations, like the Navy Marine Corps Relief Society, offer scholarships, grants, and low interest loans to help cover education expenses.

 

college costs, college planning, financial aid

Top 10 College Money Sites

 

Every parent frets, stresses and loses sleep over financing their college-bound teen’s college education. The good news is there is help available out there to ease your mind and get you on the right track to preparing for that day when your teen heads off to college. Here’s a list of my Top 10 College Money sites:

 

1. Reduce My College Costs–Marc Hill, CCPS, RFC® and founder of Reduce My College Costs, LLC. is both a financial planner and a parent, who know what you are going through. That’s why he created his firm to be a little different. It is not a scholarship search firm and not a student loan lender. He is well-versed in the financial aid process, but he knows not everyone is eligible for financial aid. So he takes a broader approach-identifying a variety of solutions that will make college more affordable for people at all income and asset levels.

2. FinAid–gives an overview of all types of college funding from scholarships, to loans, to savings, to military aid, to loans with links and information on each of them.

3, Saving for College–A top notch site explaining in great detail all the in and outs of college savings with calculators and tax information.

 

4. UPromise–A college savings service that harnesses the purchasing power of parents, extended family, family, and students to make it easier to pay for college. Members direct their spending to Upromise partners-including more than 600 online stores, 8,000+ restaurants, thousands of grocery and drugstore items-and earn money for college.

5. CollegeAnswer–Sallie Mae’s money management site gives an overview on college financing focusing on loans. The site provides a great School Affordability Analyzer.

 

6. CNN Money/College–A great site for the latest college financing news, calculators and how to maximize your financial aid.

 

7. MSN Money/College–A guide to saving for college with The Basics, Fast Answers and a message board.

 

8. CollegeBoard–The College Board’s EFC calculator which will help you determine your Expected Family Contribution BEFORE your teen starts applying to colleges.

 

9. Money Management 101–A blog created to help parents and students learn about money management.

 

10. StudentAid–A site for free information from the U.S. Department of Education and the home of the FAFSA4caster.

college costs, college planning, scholarships

Ford Motor Co. launches new scholarship

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fordscholars

Ford Motor Company has launched a new scholarship contest on Monday, March 15. Modeled after Ford’s own standard of giving back to the communities in which it works, the two-part scholarship contest is open to high school seniors and current college students enrolled in an accredited U.S. college or university by September 30, 2010.

The contest asks a simple question: what is your heart behind? Ford Motor Company wants to hear what students are doing to make a positive impact in their communities. The first place winner will receive a $3000 scholarship, second place a $2000 scholarship and third place a $1000 scholarship.

Essays will be accepted from March 15 to April 9, 2010 online at www.fordscholars.org. From there, ten semi-finalists will be selected to win an ULTRA HD FLIP Cam for their outstanding efforts. The semi-finalists will then use their new FLIP Cam to produce a 3-minute video illustrating their essay. The videos will be posted to www.fordscholars.org for public voting May 10-14, 2010. The public votes combined with the judging panel will determine the scholarship winners.

Winners will be announced on May 17, 2010.

college costs, college planning, parenting

Scoring FREE stuff on campus




Everybody like freebies. Taking advantage of all the freebies that are given away on campus to college students is a MUST. Teaching your kids to watch for them is all part of being an effective parent college coach.. Why pay for something when it’s available for FREE?

By Lauren Joffe for The Real College Guide

It’s no urban legend: Free stuff is doled out on college campuses all the time. But it’s up to you to scout out where to find these complementary goods. From pizza to plane tickets to straight-up cash, we show you what you can get and how to score it … so keep reading.

free-stuff

Free Entertainment
Get tickets to concerts, sporting events, art exhibits, theater openings, forums and lectures.

How to score: Use your student ID card as an all-access pass. Every campus has a student union building, and if you’re unfamiliar with it, we suggest you become acquainted, since it’s plastered with bulletin boards announcing free upcoming events for students.

Free Food
Get free pizza, soda, snacks or breakfast, depending on the time of day.

How to score: Attend club meetings. “If you look in your student building and sign up for all the listservs, you will know when clubs and residence halls are giving away free food,” says New York University sophomore Doreen Naor. “With breakfast, you can basically always get muffins and coffee, and for real meals, most clubs give out pizza.” Join three clubs that meet weekly, and you’re looking at three regularly scheduled meals.

We also like CampusFood.com, where you can play online games that earn coupons for your next restaurant visit. A few clicks at a mindless computer game, and you can have yourself a free meal. Not too shabby!

Free Cash
Earn hard cash (typically from $5 to $10 for about an hour of your time — could be up to $100). No taxes taken out, no checks.

How to score: Participate in a focus group or study, which typically requires very little effort, such as filling out an easy survey. Head over to the campus psychology building, where you’ll find volunteer recruitment flyers.

Focus group companies pay more for your input. If your school is in a metropolitan area, check out focus group centers in need of college student participants. Go to FindFocusgroups.com to scope out opportunities near you.

Free Swag
Pick up product samples, coupons, gift certificates and other giveaway items, including iTunes cards, DVD players and even airline tickets.

How to score: “All you have to do is open your eyes and pay attention,” says NYU junior Annie Baer. “There are always people giving away free things [on campus].” Marketing companies often hire student reps to hold major promotions that often include giveaways and contests on college campuses. Next time you see a student rep giving out samples, ask if the campaign offers any other giveaways.

Note: You can get updates about sponsored events and contests directly from the source. By becoming a Facebook fan of brands or products you like, you can get automatic updates about big promotions and giveaways, and be the first to know about any contests they might be hosting.

college costs, college planning, financial aid, scholarships

Scholarships for Learning Disabled

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learning disabilitiesIf you have a college-bound teen who is learning disabled, you will be happy to know that there are specific scholarships set aside for these type of students.

Start by looking at the Learning Disability Organizations in your home state. Those state specific college scholarships for ADHD will be less competitive than national scholarship programs as well, which makes them worth checking out even if the award amounts are small.

Another resource that students and parents seldom think about is scholarship programs that are only learned about through the Disabilities Department at the college that your teen will attend. It is vital that you check in with, and register with this department at the school, and inquire about available scholarship programs for learning disabled students when doing so.

Check into school specific college scholarships for ADHD available for learning disabled students as well. Many colleges offer at least one, if not several, ADHD scholarships for students who are learning disabled, and who will be attending that specific school, or even students enrolled in specific programs of studies – if they are learning disabled. Of course, ADHD Scholarships, although not specific, are considered learning disability scholarships as well.

Make absolutely certain that you check with vocational rehabilitation organizations or departments in your state and county as well. These organizations exist for the purpose of helping those who have been displaced or unable to work and get the educations that they need to find gainful employment – despite disabilities. Often, people mistakenly believe that these organizations only help adults who have already been in the workforce, but this isn’t true at all. They can also appraise graduating high school seniors and college students about scholarship and grant programs available for ADHD or learning disability scholarships.

Many organizations who would otherwise offer college ADHD scholarship programs for learning disabled students fail to do so because they assume that learning disabled students, such as those with ADHD will not be attending college. Today, nothing could be further from the truth, and in many cases, if you contact organizations or businesses that are related to ADHD in some way, you may find that they will help you to fund your teen’s education in some small way.

Here are just a few examples:

Helping parents navigate the college maze